Alphabet has completed the largest equity raise in tech history, upsizing its offering to $84.75 billion after investor demand surged past initial expectations. The Google parent company originally announced an $80 billion offering on June 2, but boosted it the following day.
The entire haul is earmarked for AI infrastructure - data centers and compute clusters.
The structure includes a $40 billion at-the-market program, with Class A shares at $355.20 and Class C shares at $351.80. Mandatory convertible preferred stock rounds out the package. Notably, Berkshire Hathaway committed $10 billion through a private placement at a negotiated discount.
Alphabet raised its 2025 capital expenditure forecast to $85 billion, a $10 billion increase. The 2026 guidance is even more striking: total capex in the range of $175 billion to $190 billion. Combined, Alphabet's 2025-2026 spending could exceed $270 billion.
For investors, this is a significant dilution event. More shares outstanding mean each existing share represents a smaller piece of the company. The key risk to watch is execution timeline - spending nearly $200 billion in a single year demands supply chains, construction pipelines, and talent that may not scale as smoothly as financial models assume.